Samsung Group Layoffs 10,000 Workers As Smartphone Market Matures

News suggests that Samsung Group (OTCMKTS:SSNLF) plans to cut down its employee base by 10% – almost 10,000 workers – at its headquarters. This is due to the slowing global smartphone sales growth.

Samsung has not fared well in smartphone sales, since Apple Inc.’s (NASDAQ:AAPL) iPhone 6 and 6 Plus have garnered much of the smartphone unit shipment market share in the high-end phone market. On the other hand, Chinese vendors, such as Xiaomi, Huawei, ZTE, and OnePlus, have increased their share in the low-end segment.